This China Center members-only chart assesses the “real” (i.e. inflation adjusted to 2012 price levels) monthly Retail Sales of Consumer Goods statistic over the last 5 years, emphasizing the sales for Chinese New Year (CNY) holiday periods.

To account for price increases over the last 5 years, and thus produce a “real” estimation, we deflated the reported nominal statistical data by the Retail Price Index (RPI). The analysis shows that year-on-year growth for this year’s CNY holiday was 12 percent – 2 percentage points lower than CNY-week year-on-year growth in 2011 and 2012.

Does this signal that consumption growth is slowing? Download the Chart for a full exploration of this question.

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